Mid-Morning Market Update: Markets Down; Lowe's Earnings Beat Estimates

Following the market opening Wednesday, the Dow traded down 0.34% to 36,017.63 while the NASDAQ fell 0.19% to 15,944.13. The S&P also fell, dropping 0.23% to 4,690.06.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 48,161,370 cases with around 786,260 deaths. India confirmed a total of at least 34,466,590 cases and 464,150 deaths, while Brazil reported over 21,965,680 COVID-19 cases with 611,520 deaths. In total, there were at least 255,259,860 cases of COVID-19 worldwide with more than 5,133,290 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Consumer discretionary shares gained by 0.5% on Wednesday. Meanwhile, top gainers in the sector included Canoo Inc. GOEV, up 14% and iMedia Brands, Inc. IMBI up 11%.

In trading on Wednesday, financials shares fell 1.1%.

Top Headline

Lowe's Companies, Inc. LOW reported better-than-expected results for its third quarter on Wednesday.

Lowe's Companies posted quarterly earnings of $2.73 per share, beating analysts’ estimates of $2.35 per share. The company’s quarterly sales came in at $22.90 billion, versus expectations of $21.99 billion.

Equities Trading UP

Canoo Inc. GOEV shares shot up 19% to $12.44 after the pre-production electric vehicle startup made a series of announcements. Canoo on Monday after-hours surprised investors with a plan to begin production before the fourth quarter of 2022, compared with a previous estimate of early 2023.

Shares of Tattooed Chef, Inc. TTCF got a boost, shooting 16% to $18.54 as the company announced Q3 results.

EyePoint Pharmaceuticals, Inc. EYPT shares were also up, gaining 17% to $16.38. EyePoint Pharmaceuticals priced an underwritten public offering of 4.03 million at $13.75 per share and pre-funded warrants to purchase up to an aggregate of 3.27 million shares at $13.74 per pre-funded warrant.

Check out these big movers of the day

Equities Trading DOWN

StoneCo Ltd. STNE shares tumbled 28% to $22.79 after the company reported worse-than-expected Q3 earnings.

Shares of Cyclo Therapeutics, Inc. CYTH were down 23% to $5.67. Cyclo Therapeutics priced its previously announced underwritten public offering of 1.95 million shares at $6.00 per share, with gross proceeds of $11.7 million.

PAVmed Inc. PAVM was down, falling 21% to $3.8999. PAVme and Lucid Diagnostics see Q3 EsoGuard related revenue of 200,000 and GAAP loss of $0.15 per share.

Commodities

In commodity news, oil traded down 1.1% to $79.85, while gold traded up 0.4% to $1,861.90.

Silver traded up 0.8% Wednesday to $25.13 while copper fell 1.8% to $4.2740.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.1%, the Spanish Ibex Index fell 0.2% and the German DAX 30 gained 0.1%. Meanwhile, the London’s FTSE 100 fell 0.4%, French CAC 40 rose 0.1% and Italy’s FTSE MIB rose 0.1%.

Annual inflation rate in the UK surged to 4.2% in October, recording the highest level since December 2011. The headline rate of output prices in the UK increased to 8.0% year-over-year in October.

Economics

Housing starts dropped 0.7% to an annualized rate of 1.52 million in October, while building permits climbed 4% from a month ago to an annual rate of 1.650 million.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester will speak at 11:20 a.m. ET.

San Francisco Federal Reserve Bank President Mary Daly is set to speak at 12:40 p.m. ET.

Federal Reserve Governor Christopher Waller will speak at 12:40 p.m. ET.

Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 12:40 p.m. ET.

The Treasury is set to auction 20-year bonds at 1:00 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans will speak at 4:05 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 4:10 p.m. ET.

Check out the full economic calendar here